FTSE RUSSELL ADDS 10 NIGERIAN FIRMS TO FRONTIER INDEX

Global index provider FTSE Russell has added 10 Nigerian companies to its Frontier Index Series as Nigeria prepares to return to Frontier Market status later this month.

The companies classified as newly eligible large-cap stocks include Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company, MTN Nigeria Communications, Nestlé Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.

The inclusion follows FTSE Russell’s decision to reclassify Nigeria from its previous “Unclassified Market” status to Frontier Market status, effective from the opening of trading on September 21, 2026.

Nigeria was moved to the unclassified category in 2023 after concerns over foreign exchange liquidity and difficulties faced by international investors in repatriating funds.

The country was placed on FTSE Russell’s Watch List in October 2025 following improvements in foreign exchange liquidity and capital repatriation.

The reclassification is expected to increase the visibility of Nigerian equities among international investors and potentially attract more foreign portfolio investment into the local market.

Market participants also expect the move to improve liquidity and strengthen Nigeria’s position within global capital markets.

The development comes after consultations involving the Nigerian Exchange Group, Securities and Exchange Commission, international custodians and foreign investors to address concerns surrounding Nigeria’s transition from T+2 to T+1 settlement.

FTSE Russell said the reclassification would proceed after no significant settlement or operational challenges were identified under the new system.